KUALA LUMPUR: Malaysia’s new government would not be willing to accept even US$3 billion (RM12.8 billion) in compensation from Goldman Sachs to settle a case over the 1MDB scandal, according to the finance minister, ruling out a figure that is far higher than the bank offered last year.
Malaysia has taken legal action against Goldman Sachs and 17 current and former directors of its units for allegedly misleading investors over bond sales totalling US$6.5 billion that the US bank helped raise for sovereign wealth fund 1Malaysia Development Bhd.
Finance Minister Tengku Zafrul Aziz, who joined the three-month-old government from the corporate world, said he had held a conversation with Goldman Sachs representatives last month.
“We are continuing our pursuit to get some money from GS. And the legal case is still ongoing, so we will have to wait for the outcome of that,” the minister said in an interview in his office in Kuala Lumpur on Saturday.
“If it’s US$2 billion, I can say, no. US$3 billion, no,” he added. “As long as the amount is not something we think we can accept, then we continue with the legal case.”
He declined to say what an acceptable sum would be.
A Goldman Sachs spokesman did not immediately respond to an email seeking comment.
Former Prime Minister Dr Mahathir Mohamad said in December that Goldman Sachs had offered “one point something billion” dollars for an out-of-court settlement over its role in the 1MDB scandal.
According to the US Justice Department, Goldman Sachs earned US$600 million in fees for its work with 1MDB. - FMT
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